A 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("JORC Code") compliant Mineral Resource estimate using a 3% Total Graphitic Carbon ("TGC") cut-off has been determined by MPR Geological Consultants Pty Ltd ("MPR") as shown in the following table released by the Company on 29 March 2019.

 

Resource Competent Person’s Statement

The information in this report related to Mineral Resource estimates as at 31 December 2019 is based on information compiled by Mr Jonathon Abbott, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Abbott is employed by MPR Geological Consultants Pty Ltd and is an independent consultant to Twigg Exploration and Mining Limitada. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting to qualify as a Competent Person as defined in the JORC Code. Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Graphite Mineral Resource estimate at 3% TGC cut-off grade

Explanation of material changes:

The figures in this table are rounded to reflect the precision of the estimates and include rounding errors. The estimates are derived from block models constructed by MPR for Balama West and Balama East in mid-2017. For Balama West, the model is reported as at the end December 2019 with adjusted for as-mined survey supplied by Twigg. There has been no production from Balama East, and for this zone the estimates are unchanged.

Vanadium Mineral Resources Estimate

 1. Vanadium Resources last featured in Syrah annual report in the 2015 Annual Report. A detailed statement of the Vanadium Mineral Resources featured in the 2015 Annual Report can be found in ASX announcements dated 23 January 2013 and 27 May 2013.

Explanation of material changes:

The Vanadium Mineral Resource Estimate has been restated to align to the information compiled by the Competent Person related to Mineral Resource estimates as at 31 December 2019. The change compared to the Vanadium Mineral Resource in the 2015 Annual Report reflect subsequent updates to the Resource model and a reduction of the reported cut-off grade to align to the cut-off grade applied to the graphite Mineral Resource estimate as of 31 December 2019.

 

Reserve Competent Person’s Statement

The Competent Person for the Ore Reserve estimate as at 31 December 2019 is Mr Jon Hudson. Mr Hudson was the Competent Person for the December 2018 Ore Reserve update. Mr Hudson completed a site visit in January 2019. Mr Jon Hudson who is an employee of Snowden Mining Industry Consultants Pty Ltd and a Fellow of the South African Institute of Mining and Metallurgy (a recognised overseas professional organisation, or ROPO). Mr Hudson is independent of Syrah. Mr Hudson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.

The Competent Person for the metallurgical and processing Modifying Factors supporting the Ore Reserve estimate is Mr Christopher Hull. Mr Hull is an employee of Syrah and Member of the Australian Institute of Mining and Metallurgy. Mr Hull has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.

Ore Reserve estimate

  1. Balama West is exclusive of Mualia, with Mualia reported seperatly in 2018. Mualia is reported within in Balama West Reserve for 2019.

The overall reduction in Ore Reserve of 5% tonnes, 4% grade and 9% contained TGC is attributed to:

  • Depletions during 2019 of 1.39 Mt ore;
  • The December 2018 Ore Reserve was completed on a Mineral Resource estimate (MRE) compiled by The MSA Group (MSA). The previous MSA Mineral Resource estimates were disclosed to the ASX on 15 November 2016 (Mualia) and 29 May 2015 (Ativa and Mepiche). The December 2019 Ore Reserve estimate was based on the updated Mineral Resource estimate compiled by MPR Geological Consultants Pty Ltd Updated Mineral Resource model that adjusts tonnes, grade and classification.

Governance and Controls Statement

The Company engaged independent consultants to prepare the mineral resource and reserve estimates.

The consents by the Competent Persons remain in place for subsequent release by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcements.

The Vanadium Mineral Resource Estimate has been restated to align to the information compiled by the Competent Person related to Mineral Resource estimates as at 31 December 2019. The change compared to the Vanadium Mineral Resource in the 2015 Annual Report reflect subsequent updates to the Resource model and a reduction of the reported cut-off grade to align to the cut-off grade applied to the graphite Mineral Resource estimate as of 31 December 2019.